European oil majors will see their share of global energy sales slowly shrink in the coming years as growth in renewable energy and low-carbon fuel production only partially offset declines in oil and gas production, Reuters reported citing JPMorgan.
Shell, BP and TotalEnergies have outlined plans in recent years to invest more in renewable energy and biofuels to cut greenhouse gas emissions amid growing pressure from investors and governments.
BP and Shell plan to phase out oil production by the end of the decade, while TotalEnergies will see a small increase in production. All three companies plan to increase natural gas production.
According to a JPMorgan study, which uses units of energy in joules to better reflect the companies' growing energy mix, the three firms will produce about 2.6 percent of global energy demand in 2021․